PLEASE ANSWER ASAP
**NEED STEP-BY-STEP**
You work for a lending institution and are tas...
PLEASE ANSWER ASAP
**NEED STEP-BY-STEP**
You work for a lending institution and are tasked with whether or not to approve a home loan. All applicants are required to have a 20% down payment, and the standard 28/36 ratio is used
The loan application is for $230,000. You see that the applicant has an annual salary of $83,000 and a savings account balance of $50,000. The applicant also has a car payment of $315, a student loan of $140 and a boat loan of $96.
How likely are you to approve the loan?
a. Very likely; recurring debt is considerably less than what is allowed.
b. Somewhat likely; recurring debt is very close to what is allowed.
c. Not likely; recurring debt is higher than what is allowed.
d. There is not enough information given to determine the answer.
**The answer is B, but I don't really understand how to get there**
Answers: 3
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